The Treasury bill auction held on October 31, 2025, saw a modest rebound in investor participation following a series of undersubscribed sessions in recent weeks. Total bids worth GH¢4.62 billion were received against a target of GH¢5.33 billion, representing an undersubscription of about 13%. All bids were accepted.

Yields continued their gradual upward drift, reflecting persistent tightness in market liquidity and cautious sentiment among short-term investors. The 91-day bill cleared at a weighted average rate of 10.82%, compared to 10.67% in the previous auction. The 182-day bill settled at 12.50%, up slightly from 12.47%, while the 364-day bill edged to 12.95% from 12.88%.

The sustained increase across maturities points to continued repricing in the money market as investors seek higher compensation for holding short-term government debt instruments despite moderating inflation pressures. The next auction, scheduled for November 7, 2025, targets GH¢6.84 billion.